World

By Nelson Banya, HAMBURG, May 22 (The Source) – The cashier politely waved my debit card away. “No cards.” My 10 euro bill for a currywurst, pommes frites and a Coke had to be settled in cash. Hamburg, one of Europe’s richest cities and Harare,… Read More

HARARE, May 19 (The Source) – Regional sugar processor Tongaat Hulett reported an operating profit of R1,27 billion ($95,7 million) in the year to March from an operating loss of R15 million ($1,13 million) recorded last year on improved local market prices and strict import… Read More

By Gilbert Makore, May 19 (The Source) – News came out on Wednesday that Zimbabwe signed a deal with Australia’s Kelltech Ltd for the construction of a platinum refinery at a cost of $200 million. This comes on the back of efforts to get platinum… Read More

By Kuda Chideme, HARARE, May 17 (The Source) – Zimbabwe plans to construct a 300,000 tonne platinum refining plant in a joint venture with an Australian-based firm Kelltech at an estimated cost of $200 million, Mines Minister Walter Chidhakwa said on Wednesday The southern African… Read More

By Carl Manlan, India has lately been pursuing an ambitious goal: a cashless economy. Despite early missteps and frustrations, it will turn out to be a change for the better for the country’s 1.31 billion people. Africa should set a similar goal – and take… Read More

HARARE, April 27 (The Source) – Zimbabwe’s Finance Minister Patrick Chinamasa says the World Bank and African Development Bank (AfDB) have approved the country’s debt refinancing plan, clearing a major hurdle as it bids to pay off $1.7 billion arrears owed to the two lenders.… Read More

HARARE, April 24 (The Source) – Zimbabwe needs a comprehensive policy package and structural reforms to address the fiscal challenges which the introduction of bond notes alone cannot solve, the International Monetary Fund (IMF) has said. The introduction of the surrogate currency in November last… Read More

HARARE, March 29 (The Source) – The United Nations on Wednesday said it had raised $403 million from donors for Zimbabwe in 2016, surpassing its money mobilisation target for 2016 by $77 million, an official said on Wednesday. The global agency raised the funds under… Read More

HARARE, March 28 (The Source) – Barclays Bank Plc is in exclusive talks to sell its stake in its Zimbabwe unit to Malawi-based First Merchant Bank, officials said on Tuesday as it continues its exit from Africa. FMB confirmed the talks to buy Barclays’ 68… Read More

HARARE, March 27 (The Source) – Padenga Holdings on Monday reported a 23 percent increase in after tax profit to $8,9 million on the back of increased revenue. Revenue increased by 13,75 percent from $27,5 million in the preceding year to $31,3 million. Operating profit… Read More

HARARE, March 24 (The Source) – Kuwait on Friday signed a $20 million loan agreement with Zimbabwe to finance the development of irrigation infrastructure at Zhove Dam in Matabeleland South. The loan has an interest rate of 1,5 percent per annum with a 25 year… Read More

HARARE, March 21 (The Source) – Delta Corporation has endured falling revenue since 2014, but a combination of a deteriorating economy and an acute dollar shortage have left the company facing another earnings drop, according to a leading investment firm. The beverage maker, which accounts… Read More

By Simbarashe Zishiri, HARARE, March 8 (The Source) – The local unit of global cigarette manufacturer, British American Tobacco (BAT), has dominated the Zimbabwe market for over half a century, but emerging local brands with cheaper offerings are challenging its hegemony, pointing to a difficult… Read More